Three-Unit
For Sale
$649,900
Pending
247 Ashley Blvd, New Bedford, MA 02746
Two units feature updated finishes, while all apartments include kitchens, baths, and gas central heating.
Property Size3,513 SF
Days on Market69
Property Features for 247 Ashley Blvd
General Information
Standard status
Pending
Size
3,513 SF
Property subtype
3 Family - 3 Units Up/Down
Additional Details
Multifamily Units
3
Building Details
Year Built
1884
Buildings
1
Listing Agency:
RE/MAX Synergy
(508) 513-8340
Listed By:
Isabel Fernandes Realty Team
(508) 513-8340
Source:
Lockandkeyre
Added: Jun 24
Changed: Aug 31
Last Checked: Aug 31 at 2:31PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Synergy
Investment Insights
Based on property information with market context.
This 3513-square-foot triplex at 247 Ashley Blvd includes three separate three-bedroom apartments. Each unit has its own kitchen, bathroom, and gas central heating. Apartments 2 and 3 have been updated with newer finishes, adding a refreshed interior presentation to part of the property.
Built in 1884, the property is zoned MUB and offers a configuration that supports occupancy across all three apartments. Its New Bedford location provides access to area amenities and transportation, as stated in the property information.
Built in 1884, the property is zoned MUB and offers a configuration that supports occupancy across all three apartments. Its New Bedford location provides access to area amenities and transportation, as stated in the property information.
Key Highlights
- Three three‑bedroom units in a triplex configuration
- 3513 SF property built in 1884
- Each unit includes a kitchen and bath
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$50,498
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.77%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,009,960
$1.0M
Cap Rate 7%
$721,400
$721.4K
Cap Rate 9%
$561,089
$561.1K
Market Conditions
NOI Build-Up for 3,513 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$78.0K $22.20/SF
− Vacancy
−$5.8K −$1.67/SF
EGI
$72.1K $20.54/SF
− OpEx
−$21.6K −$6.16/SF
NOI
$50.5K $14.37/SF
Area
New Bedford, MA
Vacancy
7.50%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,009,960
Cap Rate 7%
$721,400
Cap Rate 9%
$561,089
Alternative Uses
Best Use
Multifamily LT 5
$721.4K
$631.2K – $841.6K
NOI $50,498 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$662.3K
$579.5K – $772.7K
NOI $46,360 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$1.04M
$906.4K – $1.21M
NOI $72,508 @ 7.0% cap · market cap 11.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 02746, MA
17,355
Population
7,640
Households
2.3
Avg Household Size
33
Median Age
10%
College-Educated
67%
High-School Grad
2.8 sq mi
ZIP Area
6,198
Density / Sq Mi
$41,023
Median Household Income
$33,472
Median Earnings
$1,100
Median Rent
$324,400
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Two units feature updated finishes, while all apartments include kitchens, baths, and gas central heating.
Where is this triplex located?
The property is located at 247 Ashley Blvd New Bedford, MA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Three three‑bedroom units in a triplex configuration; 3513 SF property built in 1884; Each unit includes a kitchen and bath
